When you’re considering purchasing property abroad, sometimes you want the comfort of a professional’s assessments.
We spoke to Fleur Coleman, Seafire Sales Specialist at Provenance Properties, about why the Cayman Islands is the perfect Caribbean destination to buy property right now.
Coleman was born and raised in the Cayman Islands. With over 20 years’ experience in hospitality, sales, and customer service, she found her calling with a career in real estate. Her extensive understanding of the islands and her client-focused approach make her well suited to finding clients their dream vacation property or permanent residence.
Here’s what Fleur had to say about the property scene in the Cayman Islands and the ease of purchasing real estate in the country.
What makes the Cayman Islands the ideal place to live?
Where do I start? It’s safe, beautiful, has stunning white beaches and great restaurants. The quality of life is excellent thanks to a low crime rate, a stable government and our ‘Caymankind’ culture. The Cayman Islands offers a vibrant social life with a wonderful ease of living. In terms of infrastructure, we have an excellent road network, good healthcare and schools, and we have easy access to 20 major cities around the world through our international airport.
Is it easy to buy property in the Cayman Islands?
Yes, it is a very straightforward process. The Cayman Islands uses the Torrens system of land registration. This means buyers receive a statutory guarantee of title, whereby the Government will pay compensation to any person who suffers due to an error in the Land Register. Therefore, there is no need for title insurance. There are also no restrictions on foreign ownership of land.
What types of costs should non-resident purchasers be aware of if they buy a Cayman Islands property?
The Cayman Islands is a tax-neutral British Overseas Territory, so there are no property taxes here (or, for that matter, personal, income, capital gains, inheritance or sales taxes either!). Buyers pay a one-time stamp (land transfer) tax of 7.5% on most properties. Real estate commissions are paid by the seller.
What attracted you to a career in real estate?
I love people and have always been in sales one way or another. Real estate just seemed a natural progression. Real estate is a booming industry to be in, especially in the Cayman Islands. It is very rewarding to meet new people and build lifelong relationships – every day is different. I know the island very well, having been born and raised here, and have enjoyed the changes and investments in the island over the years.
What do you enjoy most about working in the Cayman real estate industry?
Helping people find their perfect home - permanent or vacation – in our beautiful island paradise.
Why buy with Provenance Properties?
Provenance Properties is the exclusive affiliate of Christie's International Real Estate in the Cayman Islands and a member of the Cayman Islands Real Estate Brokers Association (CIREBA). These relationships and affiliations offer our clients the security of knowing we are a trustworthy resource for their real estate needs. We have a talented team of sales specialists, so our clients are getting the benefit of an experienced sales team and a talented marketing team who work hard to promote every listing.
Tell us the story behind Provenance Properties’ name.
Our name was chosen as a nod to our Christie’s affiliation, as provenance is a common term in the art world, referring to the origins and story of a piece of art as it is tracked through its various owners and homes. Likewise, we wanted to bring this influence into our business by honouring that every home has a story, and it’s our goal as Sales Specialists to help each buyer and each home find the right match. We also offer comprehensive market research to our clients, so they make well-informed decisions when they are searching for a Cayman Islands property for sale.
Anything else that might help people in their search for Grand Cayman real estate for sale?
Absolutely, I encourage people to check out our new home buying checklist, which outlines just how easy the process is, and contact us so we, as CIREBA agents, can assist with our knowledge and experience.
Contact Fleur and the team today with your Cayman Islands property buying questions.